Dublin, Aug. 02, 2024 (GLOBE NEWSWIRE) -- The "Global Macular Degeneration Testing and Therapeutics Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The landscape of health care and treatment is continually evolving, and potentially none more dynamically than in the field of vision and eye health. In a recent market analysis, forecasts reveal that the global macular degeneration testing and therapeutics market is set to experience robust growth, reaching an estimated worth of US$14.959 billion by 2029.
This represents a CAGR of 3.42% during the forecast period starting in 2024, up from US$11.832 billion in 2022. This development is driven by various factors including but not limited to an aging global population, advancements in diagnostic technology, and increased active engagements in R&D within the health sector.
Several key drivers are propelling the growth of the macular degeneration testing and therapeutics market. With amplified research and development, the market is poised to witness a substantial increase in innovative treatment methodologies. These advancements are promising, as evidenced by recent breakthroughs in clinical trials for macular degeneration treatment approaches.
The rising incidence of retinal disorders, predominantly age-related macular degeneration (AMD), also plays a significant role in the market's expansion. An aging demographic and lifestyle factors contribute to a growing need for sophisticated diagnostic and therapeutic services. According to a study cited, about 67 million people in Europe are impacted by AMD, a figure that is projected to rise, thereby stimulating the demand in the macular degeneration testing and therapeutics market.
North American Market Outlook
North America is expected to maintain dominance in the market share, driven by the high prevalence of AMD and supportive demographics including an aging population. The region is seized by the presence of diligent market players and a fertile environment for research and development. Additionally, the demand in North America is bolstered by advanced healthcare infrastructure, increasing healthcare investments, and initiatives aiming to spread awareness regarding ocular diseases and their management.
Recent Developments
The market is witnessing exciting developments. Novel treatments such as gene therapies are entering clinical trial phases, and new drugs are approaching regulatory approval, suggesting a future that may offer an enhanced patient outlook. Recent authorizations for biosimilars within the European Union are indicative of the market's reception to more cost-effective treatment alternatives.
Conclusion
As the prevalence of age-related macular degeneration continues to rise, so does the demand for effective diagnostic and therapeutic options. The global market is responding with innovation, research, and a commitment to enhancing the lives of those affected. With a solid forecast through 2029, the macular degeneration testing and therapeutics market is a sphere of health care that merits close attention from both medical professionals and the public.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $11.83 Billion |
| Forecasted Market Value (USD) by 2029 | $14.96 Billion |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Global |
Companies Featured
- Good-Lite Company
- Leica Microsystems
- Optovue, Inc
- Heidelberg Engineering GmbH
- Topcon
- Nano Retina
- Macuhealth
- LumiThera, Inc
- Ellex Medical Lasers
- Quantel Medical
For more information about this report visit https://www.researchandmarkets.com/r/8ovra6
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